10/23, 8:45 PM (Source: TeleTrader)
more TeleTrader news

Russia aims to launch digital ruble pilot in 2021

Bank of Russia Chair Elvira Nabiulina (pictured) said on Friday that the country could pilot a digital ruble in late 2021.

"We view this project as promising, it fits into the concept of the digital economy. We want to evaluate the balance of risks and advantages of such a project before we proceed," Nabiulina noted. "If a decision is made on the feasibility of launching the digital ruble, we will prepare a full-fledged concept. Then, in our opinion, there should be a pilot stage with a limited number users in order to work out everything, so that we understand how it works. We think that this kind of pilot project is possible somewhere by the end of next year," she added.

The Bank of Russia head stressed that the digital ruble would not replace traditional money, but would just be another form of the Russian currency. "We do not set the task of ousting any kind of money, it will be, in fact, the third form of money, along with cash and non-cash," she elaborated.

Breaking the News / NP